(205 ILCS 675/4) (from Ch. 17, par. 7004)
Sec. 4.
Notwithstanding the provisions of any other laws in
connection with revolving credit plans, any financial institution may,
subject to the other provisions of this Section 4 offer and extend credit
under a revolving credit plan to a borrower and in connection therewith may
charge and collect interest and other charges, may take real and personal
property as security therefor and may provide in the agreement governing
the revolving credit plan for such other
terms and conditions as the financial institution and borrower may agree
upon from time to time. A financial institution offering or soliciting a
revolving credit plan involving a credit card, or extending credit pursuant
to the use of a credit card under any such plan, shall comply with
provisions of "An Act relating to the issuance and use of credit cards",
approved September 16, 1969, as now or hereafter amended.
(Source: P.A. 85-1432.)
|